DLD Deutsche Land

 

TIDMDLD 
 
RNS Number : 1967B 
Black Sea Global Properties Limited 
22 October 2009 
 
Not for release, publication or distribution in or into the United States of 
America, Canada, Australia, the Republic of South Africa or Japan or any other 
jurisdiction where to do the same would constitute a violation of the relevant 
laws of such jurisdiction 
 
22 October 2009 
 
 
 
 
BLACK SEA GLOBAL PROPERTIES LIMITED 
RECOMMENDED INCREASED AND UNCONDITIONAL MANDATORY CASH OFFER 
by 
BLACK SEA GLOBAL PROPERTIES LIMITED 
for 
DEUTSCHE LAND PLC 
 
 
OFFER UPDATE 
 
 
On 25 September 2009, the boards of Black Sea Global Properties Limited ("BSGP") 
and Deutsche land plc ("Deutsche Land") announced the terms of an increased 
recommended cash offer (the "Increased Offer") at 13 pence per Deutsche Land 
Share, to be made by BSGP for the whole of the issued and to be issued ordinary 
share capital of Deutsche Land not already owned or otherwise contracted to be 
acquired by BSGP. 
On 29 September 2009, BSGP acquired 79,346,887 Deutsche Land Shares at a price 
of 13 pence per Deutsche Land Share, representing approximately 23.86 per cent. 
of the existing issued ordinary share capital of Deutsche Land. As a result, 
BSGP owned 186,214,696 Deutsche Land Shares, representing approximately 56.00 
per cent. of the existing issued ordinary share capital of Deutsche Land. 
Accordingly, the Increased Offer was declared unconditional in all respects. 
Level of Acceptances 
The board of BSGP is pleased to announce that, as at 3.00p.m. (London Time) on 
21 October 2009, valid acceptances had been received in respect of a total of 
135,088,037 Deutsche Land Shares, representing approximately 40.63 per cent. of 
the existing issued ordinary share capital of Deutsche Land. 
The above total includes acceptances received in respect of 18,739,902 Deutsche 
Land Shares, representing approximately 5.64 per cent. of the existing issued 
ordinary share capital of Deutsche Land, which were subject to irrevocable 
commitments to accept the Increased Offer. 
Accordingly, BSGP either owns, or has received valid acceptances in respect of, 
a total of 321,302,733 Deutsche Land Shares, representing, in aggregate, 
approximately 96.63 per cent. of the existing issued ordinary share capital of 
Deutsche Land. 
Compulsory Acquisition and De-listing of Deutsche Land Shares 
Having received sufficient valid acceptances of the Increased Offer, BSGP 
announces that it intends to implement the compulsory acquisition procedures set 
out in section 154 of the Companies Act 1931 or (as the case may be) section 160 
of the Companies Act 2006 (each an Isle of Man Act). BSGP also intends to 
procure the making of an application by Deutsche Land to the London Stock 
Exchange for the de-listing of the issued Deutsche Land Shares in accordance 
with the AIM Rules. 
It is anticipated that de-listing will take effect no earlier than 20 clear 
Business Days after the date of this announcement. 
Settlement 
The consideration to which any Deutsche Land Shareholder is entitled under or in 
consequence of the Increased Offer will be effected by the despatch of cheques 
or by crediting CREST accounts (as applicable) either on or before 4 November 
2009 in respect of acceptances received by 3.00 p.m. (London time) on 21 October 
2009 which are valid and complete, and within 14 days of the date of receipt in 
respect of any further acceptances which are received after such time and which 
are valid and complete. 
Extension of the Offer 
The closing date for the Increased Offer was 3.00 p.m. (London time) on 21 
October 2009. BSGP has decided to extend the Increased Offer to 3:00 p.m. 
(London time) on 4 November 2009. The Increased Offer will therefore remain open 
for acceptance until then. By accepting the Increased Offer, those Deutsche Land 
Shareholders who have yet to do so will receive their consideration more quickly 
than would otherwise be the case under the statutory compulsory acquisition 
procedure referred to above. Deutsche Land Shareholders who have not yet 
accepted the Increased Offer are therefore urged to do so without delay. 
To accept the Increased Offer for Deutsche Land Shares held in certificated 
form, Deutsche Land Shareholders should complete, sign and return the New Form 
of Acceptance, which accompanied the Increased Offer Document, in accordance 
with the instructions contained therein and set out in the Increased Offer 
Document. 
To accept the Increased Offer for Deutsche Land Shares held in uncertificated 
form (that is, in CREST), Deutsche Land Shareholders should follow the procedure 
for electronic acceptance through CREST in accordance with the instructions set 
out in the Increased Offer Document. 
Terms used but not defined in this announcement shall have the meaning given to 
them in the Increased Offer Document posted to Deutsche Land Shareholders on 1 
October 2009. 
Enquiries: 
+----------------------------------------------+----+----------------------+ 
| Lazard & Co., Limited (Financial Adviser to  |    | +44 (0) 20 7187 2000 | 
| BSGP)                                        |    |                      | 
| Patrick Long                                 |    |                      | 
| Michael Bressler                             |    |                      | 
+----------------------------------------------+----+----------------------+ 
| Oriel Securities Limited (Broker to BSGP)    |    | +44 (0) 20 7710 7600 | 
| Tom Durie                                    |    |                      | 
| Sapna Shah                                   |    |                      | 
+----------------------------------------------+----+----------------------+ 
| Financial Dynamics (PR Adviser to BSGP)      |    | +44 (0) 20 7831 3113 | 
| Stephanie Highett                            |    |                      | 
| Richard Sunderland                           |    |                      | 
| Rachel Drysdale                              |    |                      | 
+----------------------------------------------+----+----------------------+ 
Lazard & Co., Limited, which is regulated by the Financial Services Authority, 
is acting for BSGP in connection with the Increased Offer and no-one else and 
will not be responsible to anyone other than BSGP for providing the protections 
afforded to customers of Lazard or for providing advice in relation to the 
Increased Offer. 
Oriel Securities Limited, which is regulated by the Financial Services 
Authority, is acting for BSGP in connection with the Increased Offer and no-one 
else and will not be responsible to anyone other than BSGP for providing the 
protections afforded to customers of Oriel or for providing advice in relation 
to the Increased Offer. 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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